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WEEKLY FOREX REPORT BY EPIC RESEARCH-07 MAY 2012
1. weekly Forex Report (7 MAY 2012)
Weekly News
Indian rupee falls for 5th week.
Indian rupee rebounds; RBI intervention debated
Dollar drops on jobs data, euro sinks before elections
Euro dips ahead of elections, U.S. jobs data
Weekly trends of the market
The The dollar slipped against the yen in volatile trading on Friday after a government report
showed U.S. employers added fewer jobs in April than expected, providing further evidence
the economic recovery was losing momentum. The euro edged lower, while the Australian
and New Zealand dollars tumbled as the data prompted investors to shed riskier, growth-
linked currencies for safer investments such as Treasuries. U.S. employers added 115,000
workers last month, well below expectations of 170,000. The unemployment rate fell to 8.1
percent but only because more people left the workforce. Jobs growth in previous months
was revised upwards. The data followed a string of weak readings on the economy that fueled
speculation of more monetary stimulus from the Federal Reserve.
The Indian rupee staged a late recovery on Friday that sparked debate about central bank
intervention, but is still within reach of a lifetime low after posting a fifth successive week of
falls on rising fears of foreign outflows. "It seems that RBI came in to supply the market at
around 53.65 levels. But the rupee's recovery was largely due to squaring off of positions by
foreign banks ahead of U.S. non-farm payrolls and selling by a large corporate," said the chief
dealer with a foreign bank.
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